Furthermore, stocks on Wall Street slipped on Tuesday after several US companies posted disappointing earnings and forecasts. As such, most investors in Asian stocks decided to engage in profit-taking after the remarkable stock rally in recent weeks.

Japanese stocks bucked the trend as investors expect to see more stimulus from Japan's central bank, while going for bargain hunting after yesterday's fall.

Just before closing on Wednesday (28/10), the benchmark Jakarta Composite Index was down 1.52 percent to 4,603.80 points.

Jakarta Composite Index (IHSG):

The US dollar weakened in Asia on disappointing US durable goods orders, US consumer confidence data, and weak US single-family home sales. Weak data make a Fed Fund Rate hike highly unlikely. Based on the Bloomberg Dollar Index, the Indonesian rupiah appreciated 1.05 percent to IDR 13,480 per US dollar. This positive performance may also be influenced by Indonesian President Joko Widodo's visit to the USA where he finalized over USD $20 billion worth of deals between the USA and Indonesia.

Meanwhile, Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.03 percent to IDR 13,630 per US dollar on Wednesday (28/10).

Indonesian Rupiah versus US Dollar (JISDOR):

| Source: Bank Indonesia